Outcome of Board Meeting held on 16.06.2024.
Awaiting price reaction for this filing.
The Board approved audited results for FY24 (year ended 31.03.2024) showing revenue from operations of just Rs 26.79 lakhs (down from Rs 30.49 lakhs in FY23) and a loss after tax of Rs 69.44 lakhs, along with unaudited quarterly results for Q1, Q2 and Q3 of FY25 and audited FY25 results. The auditor (Rajesh Jalan & Associates) issued a Disclaimer of Opinion on the FY24 results, citing inability to verify recoverability of large advances, including Rs 85 crores to a related party and Rs 5.95 crores of unrealised other current assets. The Board also appointed Ajay Kumar Jain as Managing Director for 5 years. The company disclosed that its net worth has turned negative, operations have been substantially curtailed for 3 years, statutory dues of Rs 1.61 crores (income tax, excise, dividend tax) are unpaid, and a SEBI/BSE delisting notice dated 23.05.2025 has been received. Operating cash flow was negative at Rs -40.44 lakhs in FY24.
This is a deeply distressed micro-cap: auditor issued a disclaimer of opinion (more severe than qualified), net worth is wiped out, going concern is in serious doubt, and the stock faces likely delisting by BSE. The company's own declaration claims an 'unmodified' opinion which directly contradicts the auditor's actual disclaimer. Very high risk for existing shareholders.